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Crude Holds onto Gains

OIL

Crude oil continues to trade higher during US trading hours, maintaining most of the gains from earlier in the day. Tight supplies and inventory drawdowns due to OPEC+ production cuts are providing upside, while a broader risk appetite weakness and a stronger US dollar today offer some downside.

  • WTI NOV 23 up 1% at 90.55$/bbl
  • WTI-Brent down -0.11$/bbl at -3.54$/bbl
  • Crude time spreads are trading flat to marginally stronger on the day, despite stronger gains in the front month futures.
  • WTI NOV 23-DEC 23 up 0.12$/bbl at 1.63$/bbl
  • WTI DEC 23-JAN 24 up 0.11$/bbl at 1.58$/bbl
  • WTI DEC 23-DEC 24 up 0.36$/bbl at 10.37$/bbl

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